Can someone please help Instructions: Prepare the adjusting entries that should be made for Picture Perfect for the month of July. 1 PREPAID EXPENSES: SUPPLIES EXPENSE Assume a beginning balance of 2,000 in supplies and ending balance of 1,000. 31-Jul Supplies Expense 1,000 Supplies 1,000 2 PREPAID EXPENSES: INSURANCE Expired insurance for the month is $300. 31-Jul 3 PREPAID EXPENSES: DEPRECIATION Depreciation expense for the month is $80. 31-Jul 4 UNEARNED REVENUE As of July 31st, $650 of the previously recorded unearned revenue had been earned. 31-Jul Unearned Revenue 650 Revenue 650 5 ACCRUED REVENUE Services provided but unbilled (and no receivable has been recorded) at July 31 are $350. 31-Jul Accounts Receivable 350 Service Revenue 350 6 ACCRUED EXPENSES: INTEREST EXPENSE Interest expense accrued at July 31 is $50. 31-Jul 7 ACCRUED EXPENSES Accrued salaries at July 31 are $2,300. 31-Jul 8 PREPAID EXPENSE: SHOP SUPPLIES EXPENSE Assume a beginning balance of $1,300 in shop supplies and ending balance of $500. 31-Jul 9 UNEARNED REVENUE As of July 31, $800 of rent collected in advance has been earned. 31-Jul 10 ACCRUED REVENUE Services of $1,200 had been performed but not billed. 31-Jul

Instructions: Prepare the adjusting entries that should be made for Picture Perfect for the month of July. PREPAID EXPENSES: SUPPLIES EXPENSE Assume a beginning balance of 2,000 in supplies and ending balance of 1,000. 31-Jul Supplies Expense 1,000 Supplies 1,000 PREPAID EXPENSES: INSURANCE Expired insurance for the month is $300. 31-Jul PREPAID EXPENSES: DEPRECIATION Depreciation expense for the month is $80. 31-Jul UNEARNED REVENUE As of July 31st, $650 of the previously recorded unearned revenue had been earned. 31-Jul Unearned Revenue Revenue 650 650 qattachments_83daf0a2564c27c55570180c8c69ed6e77695f43.xlsx, Unit 3 Practice Problem, Page 1 of 1 Page(s), 02/03/201708:07:45